Clearwater Analytics Holdings, Inc. $CWAN Shares Purchased by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC significantly increased its stake in Clearwater Analytics by 92.6%, acquiring 750,590 shares and owning 1,561,249 shares valued at approximately $41.84 million.
• Insider trading activity included CEO Sandeep Sahai selling 50,000 shares for $1.11 million, decreasing his ownership by 5.29% to 895,663 shares.
• Clearwater Analytics reported a 70.4% year-over-year revenue increase in its last quarterly earnings, despite a small earnings per share miss against estimates.

Lord Abbett & CO. LLC increased its holdings in shares of Clearwater Analytics Holdings, Inc. (NYSE:CWAN - Free Report) by 92.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,561,249 shares of the company's stock after purchasing an additional 750,590 shares during the period. Lord Abbett & CO. LLC owned approximately 0.55% of Clearwater Analytics worth $41,841,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Clearwater Analytics by 11.3% in the first quarter. Vanguard Group Inc. now owns 23,246,312 shares of the company's stock worth $623,001,000 after buying an additional 2,366,715 shares during the last quarter. Invesco Ltd. grew its stake in shares of Clearwater Analytics by 34.1% during the 1st quarter. Invesco Ltd. now owns 5,706,337 shares of the company's stock worth $152,930,000 after purchasing an additional 1,452,474 shares during the period. Blair William & Co. IL increased its holdings in shares of Clearwater Analytics by 44.4% during the 1st quarter. Blair William & Co. IL now owns 2,534,270 shares of the company's stock valued at $67,918,000 after purchasing an additional 779,538 shares in the last quarter. Fred Alger Management LLC lifted its stake in shares of Clearwater Analytics by 16.9% in the 4th quarter. Fred Alger Management LLC now owns 2,469,228 shares of the company's stock valued at $67,953,000 after purchasing an additional 357,086 shares during the period. Finally, Driehaus Capital Management LLC boosted its holdings in Clearwater Analytics by 13.8% during the fourth quarter. Driehaus Capital Management LLC now owns 2,214,452 shares of the company's stock worth $60,942,000 after buying an additional 268,601 shares in the last quarter. 50.10% of the stock is owned by hedge funds and other institutional investors.

Clearwater Analytics Price Performance

Shares of NYSE CWAN traded down $0.2510 during mid-day trading on Wednesday, reaching $19.5490. The company's stock had a trading volume of 737,698 shares, compared to its average volume of 3,354,299. The stock has a 50-day moving average of $21.29 and a two-hundred day moving average of $23.97. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.02 and a current ratio of 2.02. The stock has a market capitalization of $5.72 billion, a P/E ratio of 12.26, a P/E/G ratio of 4.63 and a beta of 0.73. Clearwater Analytics Holdings, Inc. has a 1-year low of $17.98 and a 1-year high of $35.71.

Clearwater Analytics (NYSE:CWAN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.01). Clearwater Analytics had a net margin of 73.74% and a return on equity of 3.23%. The business had revenue of $181.94 million for the quarter, compared to analysts' expectations of $174.16 million. During the same period in the prior year, the company posted $0.10 EPS. The firm's revenue was up 70.4% on a year-over-year basis. On average, equities research analysts anticipate that Clearwater Analytics Holdings, Inc. will post 0.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CWAN shares. The Goldman Sachs Group upgraded shares of Clearwater Analytics from a "neutral" rating to a "buy" rating and set a $27.00 price objective for the company in a research report on Monday, August 11th. Wells Fargo & Company lowered their price target on Clearwater Analytics from $35.00 to $32.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. DA Davidson cut their price objective on Clearwater Analytics from $36.00 to $34.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Piper Sandler set a $27.00 target price on Clearwater Analytics and gave the stock an "overweight" rating in a research note on Tuesday, June 24th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Clearwater Analytics in a research note on Friday, April 25th. They issued an "overweight" rating and a $28.00 price target on the stock. Nine equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $32.67.

Insider Buying and Selling

In other Clearwater Analytics news, CEO Sandeep Sahai sold 50,000 shares of the business's stock in a transaction on Monday, July 14th. The stock was sold at an average price of $22.15, for a total transaction of $1,107,500.00. Following the transaction, the chief executive officer owned 895,663 shares of the company's stock, valued at approximately $19,838,935.45. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Souvik Das sold 5,273 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $21.67, for a total value of $114,265.91. Following the completion of the sale, the chief technology officer directly owned 142,549 shares of the company's stock, valued at $3,089,036.83. This trade represents a 3.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 206,748 shares of company stock worth $4,549,748. 3.31% of the stock is owned by corporate insiders.

Clearwater Analytics Company Profile

Clearwater Analytics Holdings, Inc develops and provides a Software-as-a-Service (SaaS) solution for automated investment data aggregation, reconciliation, accounting, and reporting services to insurers, investment managers, corporations, institutional investors, and government entities in the United States and internationally.